The Office of Tax Simplification (OTS) has in the last few days published its scoping document for reviewing Inheritance Tax. The scoping document says that the overall aim of the review will be to: identify opportunities and develop recommendations for simplifying IHT from both a tax technical and administrative standpoint. SLE will be participating in this process.

An OTS report will be published in autumn 2018 providing an initial evaluation of aspects of the current IHT regime and what they mean for taxpayers, HMRC and the Treasury; and also which identifies opportunities for simplification of IHT supported by analysis and evidence; and that offers recommendations for Government to consider.

The scope of the review is also now known and includes the process of submitting IHT returns, gifts rules and their annual thresholds; administrative and practical issues around estate planning, compliance and disclosure; complexities arising from IHT reliefs; the impact of taxpayer decisions, investments etc because of IHT rules; and the perception of the complexity of IHT rules among taxpayers, practitioners and industry bodies.